The development of the funding system and the low car ownership rate have led to a boom of second hand vehicle market, much higher than that of the market of new vehicles. "We are currently selling 70 cars a week and sales are going up by 10% every month. We expect a record 1,000 cars sold since our entry on the market (this autumn i.e.) in December," stated Ruskin McLennan, the general manager of used car dealer AAA Auto. Nine months into the year, imports of second hand cars had reached nearly 60,000 units, which is more than double the entire 2004. At an average value of 6,000 euros per vehicle, the imports of used cars in the first nine months of the year stand at over 350 million euros. As a comparison, the new car market reached nearly 188,000 units in the first three quarters, or an estimated value of almost 2bn euros. With an estimated growth of over 60% in the first nine months of the year, the new car sales witnessed a slower growth pace than those of second-hand cars, with the trend to maintain over the near future, analysts say. Imports of used cars could thus exceed 75,000-80,000 units or 450 million euros for the entire year, considering the last quarter is the best time for sales on the automotive market. ZF
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